Talent Management - September 2008 - (Page 53) Colleges and Employers (NACE). In Fortune 1000 or fast-growth companies, this average can be as high as $200,000 to $300,000 per employee, per year. In an ideal recruiting situation — where the ideal candidate is on-board and performing within 30 days — the company would have spent just $6,000 and would have an employee who already has started producing tangible products or services immediately, the survey showed. Then there’s the quality factor to consider. As many in the HR profession are aware, a superstar employee — one who brings creativity, is a great cultural fit with the organization and gets things done easily — can generate impact above and beyond the average employee. This type of employee can greatly increase ROI. The benefits of finding an employee who starts producing for the company right away and stays with the organization for an extended period of time far outweighs the cost to hire that person. Analyzing the Cost of Gen Y Turnover Turnover is a critical downside to not having strong recruiting and retention programs in place. Currently, there is perhaps no greater workforce demographic where turnover is of greater concern than Generation Y. Assessing the costs associated with turnover and producing the numbers to support that analysis is a great way to illustrate to key stakeholders why it’s imperative to find the right candidate from the start. The cost of Gen Y turnover includes the cost to rehire someone else, the costs involved in training a new employee and the time it takes to get new hires past the learning curve. Each of these elements deserves consideration: • Rehiring: When an employee leaves an organization, consider the costs to recruit a new entry-level hire. Also, gauge lost revenue and organizational confusion and potential productivity losses as internal resources scramble to cover interim responsibilities. September 2008 talent management magazine www.talentmgt.com 53 http://www.talentmgt.com
Table of Contents Feed for the Digital Edition of Talent Management - September 2008 Talent Management - September 2008 Editor's Letter Contents Human Performance: Stop Wasting Money on Training Leading Edge: No Whining, No Excuses Learning Connections: Do You Get It? The Untapped Resource Reinventing HR Doing Compensation Right: The Winning Spread Managing Performance in the Knowledge and Innovation Worker Age Stop-The-Clock Time Management Preparing for the Future in the Public Sector SAS: Connecting People, Process and Products Talent Transformation at Textron The Price of Finding the Right Gen Y Candidate Advertiser's Index Editorial Resources Full Potential: Do What You Love, Love What You Do Talent Management - September 2008 Talent Management - September 2008 - Talent Management - September 2008 (Page Cover1) Talent Management - September 2008 - Talent Management - September 2008 (Page Cover2) Talent Management - September 2008 - Talent Management - September 2008 (Page 3) Talent Management - September 2008 - Editor's Letter (Page 4) Talent Management - September 2008 - Editor's Letter (Page 5) Talent Management - September 2008 - Editor's Letter (Page 6) Talent Management - September 2008 - Editor's Letter (Page 7) Talent Management - September 2008 - Contents (Page 8) Talent Management - September 2008 - Contents (Page 9) Talent Management - September 2008 - Human Performance: Stop Wasting Money on Training (Page 10) Talent Management - September 2008 - Human Performance: Stop Wasting Money on Training (Page 11) Talent Management - September 2008 - Leading Edge: No Whining, No Excuses (Page 12) Talent Management - September 2008 - Leading Edge: No Whining, No Excuses (Page 13) Talent Management - September 2008 - Learning Connections: Do You Get It? (Page 14) Talent Management - September 2008 - Learning Connections: Do You Get It? (Page 15) Talent Management - September 2008 - The Untapped Resource (Page 16) Talent Management - September 2008 - The Untapped Resource (Page 17) Talent Management - September 2008 - The Untapped Resource (Page 18) Talent Management - September 2008 - The Untapped Resource (Page 19) Talent Management - September 2008 - The Untapped Resource (Page 20) Talent Management - September 2008 - The Untapped Resource (Page 21) Talent Management - September 2008 - Reinventing HR (Page 22) Talent Management - September 2008 - Reinventing HR (Page 23) Talent Management - September 2008 - Reinventing HR (Page 24) Talent Management - September 2008 - Reinventing HR (Page 25) Talent Management - September 2008 - Reinventing HR (Page 26) Talent Management - September 2008 - Reinventing HR (Page 27) Talent Management - September 2008 - Doing Compensation Right: The Winning Spread (Page 28) Talent Management - September 2008 - Doing Compensation Right: The Winning Spread (Page 29) Talent Management - September 2008 - Doing Compensation Right: The Winning Spread (Page 30) Talent Management - September 2008 - Doing Compensation Right: The Winning Spread (Page 31) Talent Management - September 2008 - Doing Compensation Right: The Winning Spread (Page 32) Talent Management - September 2008 - Doing Compensation Right: The Winning Spread (Page 33) Talent Management - September 2008 - Managing Performance in the Knowledge and Innovation Worker Age (Page 34) Talent Management - September 2008 - Managing Performance in the Knowledge and Innovation Worker Age (Page 35) Talent Management - September 2008 - Managing Performance in the Knowledge and Innovation Worker Age (Page 36) Talent Management - September 2008 - Managing Performance in the Knowledge and Innovation Worker Age (Page 37) Talent Management - September 2008 - Managing Performance in the Knowledge and Innovation Worker Age (Page 38) Talent Management - September 2008 - Managing Performance in the Knowledge and Innovation Worker Age (Page 39) Talent Management - September 2008 - Stop-The-Clock Time Management (Page 40) Talent Management - September 2008 - Stop-The-Clock Time Management (Page 41) Talent Management - September 2008 - Preparing for the Future in the Public Sector (Page 42) Talent Management - September 2008 - Preparing for the Future in the Public Sector (Page 43) Talent Management - September 2008 - Preparing for the Future in the Public Sector (Page 44) Talent Management - September 2008 - Preparing for the Future in the Public Sector (Page 45) Talent Management - September 2008 - SAS: Connecting People, Process and Products (Page 46) Talent Management - September 2008 - SAS: Connecting People, Process and Products (Page 47) Talent Management - September 2008 - SAS: Connecting People, Process and Products (Page 48) Talent Management - September 2008 - SAS: Connecting People, Process and Products (Page 49) Talent Management - September 2008 - Talent Transformation at Textron (Page 50) Talent Management - September 2008 - Talent Transformation at Textron (Page 51) Talent Management - September 2008 - The Price of Finding the Right Gen Y Candidate (Page 52) Talent Management - September 2008 - The Price of Finding the Right Gen Y Candidate (Page 53) Talent Management - September 2008 - The Price of Finding the Right Gen Y Candidate (Page 54) Talent Management - September 2008 - The Price of Finding the Right Gen Y Candidate (Page 55) Talent Management - September 2008 - The Price of Finding the Right Gen Y Candidate (Page 56) Talent Management - September 2008 - Editorial Resources (Page 57) Talent Management - September 2008 - Full Potential: Do What You Love, Love What You Do (Page 58) Talent Management - September 2008 - Full Potential: Do What You Love, Love What You Do (Page Cover3) Talent Management - September 2008 - Full Potential: Do What You Love, Love What You Do (Page Cover4)
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